Estate planning can surface lots of emotions and opinions for many families in Texas. While experts recommend that estate planning be a family affair, going about it the wrong way can backfire and create dissonance.
When people understand how to bring up the topic of estate planning, they can avoid misunderstanding and may more effectively show genuine concern.
The power of proactivity
Many people misunderstand the purpose of estate planning and think a plan is not necessary if they do not fit certain criteria. For example, people may procrastinate creating a plan if they do not have children, are still relatively young or have not yet accumulated notable assets. According to Fidelity, however, people should choose a calm time in their life to begin discussions about an estate plan.
People who plan plenty of time in advance can avoid the pressure to make rushed judgments or uninformed decisions because of an immediate need. They can coordinate their plan with thoughtfulness, attention to detail and objectivity and develop a plan that corresponds to their lifestyle and future goals.
The value of transparency
In conjunction with planning early and when life is relatively uneventful, people can also benefit from staying transparent. Money Crashers suggests that families maintain open communication about their intentions and the outcome of their estate plan. People who withhold information or downplay certain decisions may cause confusion and discord. Keeping everyone well-informed and updated on any changes will help everyone know what to anticipate. This consistency will provide reassurance and reduce the risks of estate disputes arising in the future.